Soon after the failed assassination attempt on Donald Trump on Saturday, July 13, Bitcoin and the broader cryptocurrency market registered a strong upsurge with the price rallying all the way to $60,000. Altcoins too have made a strong move with some of the top altcoins rallying anywhere between 4-5%.
Former US President Donald Trump, who’s projected himself as pro-crypto, was shot in the right ear during his political rally in Pennsylvania. Trump has a narrow escape and his campaign team said that he was “fine” and would be attending the Republican National Convention starting Monday.
Well, yesterday’s attack has significantly improved Donald Trump’s odds of becoming the next US President PredictIt data. The crypto market is already cheering on this development with today’s move.
As per his previous confirmation, Donald Trump was to attend the Bitcoin 2024 Conference later this month in July. However, Satoshi Street would be eagerly awaiting further details on this after the current attack.
Along with Bitcoin and other altcoins, the TRUMP Meme coin is up by a massive 60% shooting to $10 earlier today with its market cap crossing $415 million. Also, the daily trading volumes have surged by a staggering 1000% after the recent attack.
As the elections approach, the cryptocurrency community has generally reacted positively to pro-Trump news, largely due to his recent supportive comments about crypto. Surviving an assassination attempt is also seen as pro-Trump news, which has led to bullish reactions in the market.
Also Read: Trump Vs Biden Election Outcome Unlikely To Deter Bipartisan Support For Crypto
As per the Bloomberg report, traders will initially shift to safe-haven assets and then evaluate all traders associated with Donald Trump’s candidacy. Speaking to Bloomberg, Nick Twidale, chief market analyst at ATFX Global Markets said:
“Undoubtedly there’ll be some protectionist or haven flows in the Asia early morning. I’d suspect gold could test all time highs, we will see the yen getting bought and the dollar, and flows into Treasuries too.”
However, some early market commentary says that after this failed attack on Trump, the focus will shift to securities and other RISK-ON assets like Bitcoin and crypto that are most exposed to his policies.
Traders will also be closely monitoring market indicators of expected volatility on Monday, including those related to the tariff-sensitive Chinese yuan, which has started to factor in the upcoming US vote.
Although the Bitcoin price has shot up to $60,000, the bulls need to give a decisive breakout above the 200-DMA to set the stage for the next bull run.
#Bitcoin trading below the 200-day simple moving average calls for caution, as the dip may deepen. Wait for a sustained close above the 200-day SMA to confirm the continuation of the $BTC uptrend! pic.twitter.com/opU3ivpGxx
— Ali (@ali_charts) July 14, 2024
Also Read: US Bitcoin ETFs See $1.1 Billion Inflow This Week, BTC Holdings At All-Time High
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